Seems they missed Soros too.
Exactly. They are now engaged in self-investigations and excuses for "failures" due to "inexperienced" and "untrained" staff, conveniently glossing over that even when the problems were spelled out by whistle-blowers and found to exist - by the same "untrained" and "inexperienced" staff - to exist, nobody had the presence of common sense or followed the procedures to push it up the chain of authority? That simply doesn't wash. Yet Mary Schapiro, on whose watch FINRA failed, has been promoted to Chair of SEC by Obama.
The report shows that regulatory lapses linked to Madoff's record Ponzi scheme weren't confined to the Securities and Exchange Commission, which has been faulted by its own internal watchdog for inadequately pursuing tips over 16 years. Finra said it will create a new Office of Fraud Detection and Market Intelligence to ensure that staff with expertise in fraud detection respond rapidly to suspected scams. ..... ..... The staff of the U.S. brokerage industry's main regulator is "not adequately trained" on its investigative authority, and the Washington-based watchdog lacks procedures to escalate matters to senior management or special investigators "based on the gravity and substance of the fraud allegations," according to a report posted on Finra's Web site today.
Should not most of the staff in these agencies be experienced in or at least be aware of "fraud detection" - should not that be the main purpose of their jobs? And how does any [government] agency lack procedures to "escalate matters to senior management" - is not that the very definition of the bureaucracy?